Is An Online Term Plan Is Better Than Offline Term Plan?
Purchasing term plans have now become easier as we get the option of both offline and online purchase. Initially the offline purchase was the only feasible option but with the convenience of online purchase the latter is becoming increasingly popular. Read on to know which option is best suited as per your needs.
Benefits Of Online Insurance Purchase
Purchasing online term plans can be done from the company website itself, where you would need to feed your details and get the plan’s quote. Few of the benefits of purchasing online term plans are :
Comparisons Between Plans Are Possible
If you choose to buy online term plans you can easily compare between different plans and the premium you would need to pay. Comparisons help you choose a plan that suits your needs and pay the feasible premium for the term plan.
Reaching Your Preferred Brand
Online term plan helps you to reach out to your preferred brand any time during the day or night. The website provides you with complete information about the plan which is accessible 24 X 7 and is committed to their terms and conditions. Incase of offline purchase your agent is available only during the working hours and may not stick to what they committed.
When you purchase online from the website, you have complete transparency about the policy. You know the policy’s terms and conditions and the exact premium you would require to pay for the policy. One can easily keep screenshot or printouts of the terms and conditions furnished on the website. In case of agents, they can manipulate the policy’s terms and conditions or completely deny any promises made earlier. At times the agents set high expectations and thereby manipulate the terms and conditions created earlier, creating disappointment among policyholders.
Cost and Sum Assured
Online insurance plans are comparatively cheaper than offline plans due to the elimination of agents. Agents charge commission and other intermediary costs are included in the cost of policies when purchased offline.
As the policy costs are low the average assured sum is comparatively higher in online policies than the offline policies.
Claim Settlement Ratio
The claim settlement ratio is clearly mentioned on the company website, and they can easily check the claim settlement ratio page and choose the policy they wish to buy. On the other hand if someone chooses to buy offline plans, they would depend on the agent to furnish the correct information about the company’s Claim Settlement Ratio.
Flexibility To Choose Your Desired Policy
A plethora of options are available in Online Term Plans and one can easily choose from the available options of term plans. Moreover, you would be free to choose your own plan without any influence from the agents. However, you would need to be well researched about the policy before you plan to buy one as there will be no one to guide you. In case of offline mode, the agents can easily influence the policyholders and misguide them to buy any policy. Also, the agents can make mistakes while filling the form which can cause huge disappointment during claim settlement.
Although you can choose to buy between online term plans or offline term plans as per your convenience, checking the details is mandatory in both cases.